One of the first and most exciting steps is finding the right suppliers. Whether you’re decking out a trendy boutique, setting up a consultancy, or firing up a manufacturing line, securing good suppliers is crucial.
Let’s walk through some practical, straightforward tips to help you find the best suppliers for different types of businesses.
For Retail or Product-Based Businesses
If you’re opening a store or selling products online, you’ll need reliable suppliers who can provide quality goods consistently.
Trade Shows and Expos: Check out trade shows related to your industry. You can find upcoming events on websites like 10times and Eventbrite. Make a list of exhibitors you want to visit and prepare some questions to ask them.
Online Marketplaces: Depending on what you’re selling, different platforms will suit your needs. Alibaba is great for wholesale items, while Etsy is perfect for handmade or unique items. Look at supplier ratings and reviews to gauge reliability.
Check Industry-Specific Directories: These can be a goldmine for contacts. Whether it’s ThomasNet for industrial products or Fashiondex for apparel, these directories list vetted suppliers.
Network with Other Businesses: Join trade associations and attend local business meetups. Sometimes, the best recommendations come from fellow business owners.
For Service-Oriented Businesses
Running a firm that offers services? You’ll need partners and suppliers who can help deliver these services flawlessly.
Professional Networks: Make sure your LinkedIn profile is up-to-date and reflects your business needs. Join groups and participate in discussions to meet potential suppliers.
Networking Events and Industry Conferences: These gatherings are not just for learning; they’re also for meeting potential partners. Engage with speakers and network with attendees.
Online Service Platforms: For a variety of professional services, platforms like Upwork or Behance can connect you with freelancers and agencies that have the expertise you need. Always check their portfolios and client feedback.
Recommendations: Don’t hesitate to ask within your network for supplier recommendations. You can also post on your social media or relevant groups asking for suggestions.
For Hybrid (Service & Retail) Businesses
If your business straddles the line between service and retail, like a beauty salon that sells products or a café that sells coffee beans, you’ll need suppliers who get the dual nature of your business.
Seek Suppliers Who Understand Hybrid Models: Look for suppliers who have experience with both retail and service elements. They’ll have a better understanding of your needs.
Focus on Integration: When choosing suppliers, think about how their products or services can enhance both aspects of your business. For instance, a beauty product supplier who also offers staff training can be a real asset.
For Manufacturing/Production Businesses
If you make your own products, finding the right suppliers for raw materials or production equipment is key.
Manufacturing Trade Shows: These events are perfect for connecting with raw material suppliers and seeing new technologies in action.
Industrial Marketplaces: Use platforms tailored to manufacturing needs, like Made-in-China or ThomasNet.
Manufacturing Associations: These groups can provide resources and introductions to reliable suppliers.
General Tips for Sourcing
When you’re lining up suppliers, it’s all about the details. Don’t just focus on where they’re located. Make sure to check out how they stack up in terms of cost, quality, and how fast they can get things to you.
Diversify Your Supplier Base: Having a variety of suppliers can protect you from unexpected disruptions and gives you a wider array of products and services to offer your customers.
Check Reviews: Look at review platforms and see what other clients have to say.
Ask for Testimonials: Don’t shy away from asking suppliers for feedback from previous clients.
Understand Their Terms: What are their payment terms? Do they offer any deals for big orders or long-term relationships?
Quality Control: Ask about how they manage quality control and handle issues if things don’t go as planned.
Customisation and Flexibility: Sometimes, you need something tailor-made. Check if the supplier is willing to accommodate custom orders or special requests.
Returns and Refunds: Hope for the best, but plan for the worst. Understand their policies for returns or refunds. Can you order samples or run a service trial?
Tips for Sourcing Internationally
Finding suppliers internationally can open up a world of opportunities, but it comes with its own set of challenges. Here’s how to navigate these waters:
Use Specialised Trade Platforms: Use international platforms like Alibaba and Global Sources. They’re designed just for this and can connect you with suppliers from across the globe.
Learn the Rules: Brush up on the import regulations and taxes of your country.
Plan Your Stock Well: International shipments take time. Plan your inventory ahead to keep the shelves stocked and your stress levels down.
Stay on Top of Global Trends: Keep an eye on international trade policies, exchange rates, and market trends. These can all sway your sourcing strategy.
Risk Management: Last but not least, have a plan for managing risks. Whether it’s political changes, shipping delays, or quality issues, being prepared will help you stay one step ahead.
Once you’ve narrowed down your choices and decided who you’ll be working with, the next step is formalising the relationship. Typically, your chosen suppliers will provide you with a supplier agreement to make everything official. Make sure you check the terms and conditions properly.
If they don’t, you’ll need to put one in place to ensure you’re both clear on the terms of your collaboration.
To help you make the best choice among your potential suppliers, we’ve created a special tool exclusively for Duport customers. Our supplier analysis spreadsheet is designed to score each of your potential suppliers based on key criteria, making it easier for you to analyse and compare your options. This way, you can feel confident in your decision, knowing that you’ve thoroughly evaluated each supplier against your business needs.
Ready to simplify your supplier selection process? Get started with Duport’s exclusive supplier analysis spreadsheet and set your business up for success!
